To all folks who need a summary of Lead management process and benefits of designing lead management system. Please go through below points.
There are two main aspects for Lead Management Process
1) Quality of Leads ( % of Leads accepted and working vs % of Leads rejected and disqualified)
2) Conversion of Leads ( What % of Leads are converted and what was the time frame)
Lead Management - Life Cycle :
There are two main components to determine Lead Management Life Cycle
Lead Status : Open/Contacted/Working, Closed/Converted, Nurture, Dead
Lead Source : Where did the lead come from? Web / Trade Show, Word of Mouth, Advertising, Webinar
Lead Stage - Custom Field
Lead stage defines where the Lead is in the Lead life cycle
- Marketing Qualified - Did marketing consider this a Lead good enough for sales to work on?
- Sales Rejected - Did sales decide this lead was not a good lead to work on and send back to marketing for nurture or consider it dead
- Sales Accepted - Did sales agree to work on this lead
- Sales Qualified - Sales has worked this lead and considers it qualified enough to develop an opportunity
- Sales Disqualify a lead saying there is no opportunity of this lead
Lead Score - Custom Field
Defines the priority a lead should be given
Below are the parameters based on which lead score can be given
- Quality - How complete is the data in the lead record?
- Aging - Is the lead more then 30 days?
- BANT - Is there a Budget, Need, Authority and a Timeframe to purchase
Lead Scoring
Quality - Score 5-1
If all the information related to lead is filled out then it is a quality lead and higher score can be given
Aging - Score 5-1
New leads are always given higher score than once which are sitting on the bench for long
BANT Cumulative Score
Budget - 5-1
If some one doesn't have the budget then such a lead will be given low score. But its not a bad lead.
Authority = 1- Yes 0 - No
Sales person suspecting the prospect customer whether he will be able to generate business or not.
Need = 1 - yes 0 - No
Time Frame =
4 - Less then 3 months
3 - 3 monts - 6 months
2 - 6 months - 1 year
1 - More than 1 year
From the above screen based on the score given to a lead the Sales can either qualify or disqualify a lead.
By following Lead management process, We will be able to address below points.
- Monitor quality of leads
- Gauge velocity of leads
- Identify bottlenecks in the process
- Have an opportunity to make improvements and increase lead conversion
- How many days each lead has been in each stage?
- How long it takes to move a lead from Marketing qualified to Sales accepted Lead?
- This will also allow to measure the performance of the sales rep to understand how much time the sales rep is taking to move the lead into different stages
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